HAVERHILL MULTIFAMILY PORTFOLIO - LoopNet€¦ · • 34 Unit Multifamily Portfolio • Primarily...

M U LT I FA M I LY P R O P E R T YF O R SF O R S A L EA L E

• Four Buildings | 34 Unit Multifamily Portfolio• Studio, One & Two Bedroom Floor Plans• Additional Laundry Income | Off-Street Parking

HAVERHILL MULTIFAMILY PORTFOLIO

Multiple Addresses, Haverhill, MA

DREW KIRKLANDDREW KIRKLAND FRANCIS SFRANCIS SAENZAENZ857.990.6802 857.990.6803

[email protected] [email protected]

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CCONFIDENTIALITY & DISCLAIMERONFIDENTIALITY & DISCLAIMER

All materials and information received or derived from Northeast Private Client Group its directors, officers, agents, advisors, affiliates and/orany third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Northeast Private Client Group its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express orimplied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from anysource, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. Northeast Private Client Group will not investigate or verify any such mattersor conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their owninspections and investigations including through appropriate third party independent professionals selected by such party. All financial datashould be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. Northeast Private Client Group makes no warranties and/or representations regarding the veracity, completeness, or relevanceof any financial data or assumptions. Northeast Private Client Group does not serve as a financial advisor to any party regarding any proposedtransaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ fromactual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily meanthat rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions,vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified publicaccountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the conditionof the property and whether the property complies with applicable governmental requirements should be discussed by the party withappropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed byNortheast Private Client Group in compliance with all applicable fair housing and equal opportunity laws.

HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE

DISCLAIMERDISCLAIMER

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PROPERTY OPROPERTY OVERVERVIEWVIEW

Northeast Private Client Group is pleased to present the Haverhill Portfolio located at 87Webster St, 445 S Main St, 425 S Main St & 2 Academy Road in Haverhill, MA.

87 Webster Street is a 6,690 SF six unit multifamily property consisting of two bedroomunits. Tenants pay all utilities & deleaded certificates available. Coin-op laundry.

445 S Main Street is a 10,649 SF 10 unit multifamily property consisting of one bedroomunits. Landlord paid utilities (project scheduled to separate all electric, steam furnace (gas).Coin-op laundry.

425 S Main Street is a 10,124 SF eight unit multifamily property consisting of a studio, 5 onebedrooms & 2 two bedroom units. Landlord paid gas (steam) & tenant paid electric. Coin-oplaundry.

2 Academy Ave is a 8,504 SF 10 unit multifamily property consisting on all one bedroomunits. Tenant paid utilities except hot water. Coin-op laundry.

PROPERTY HIGHLIGHTPROPERTY HIGHLIGHTSS

• 34 Unit Multifamily Portfolio

• Primarily Located in the Bradford Section of Haverhill

• Studio, One, and Two Bedroom Floor Plans

OFFERING SUMMAROFFERING SUMMARYY

Sale Price: $5,000,000

Building Size: 35,967 SF

Price / Unit: $147,058

Cap Rate: 6.59%

Market Cap Rate: 7.51%

NOI: $329,572


EXECUTIVE SUMMAREXECUTIVE SUMMARYY

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PROPERTY DESCRIPTIONPROPERTY DESCRIPTION

Northeast Private Client Group is pleased to present the HaverhillPortfolio located at 87 Webster St, 445 S Main St, 425 S Main St & 2Academy Road in Haverhill, MA.

87 Webster Street is a 6,690 SF six unit multifamily propertyconsisting of two bedroom units. Tenants pay all utilities & deleadedcertificates available. Coin-op laundry.

445 S Main Street is a 10,649 SF 10 unit multifamily propertyconsisting of one bedroom units. Landlord paid utilities (projectscheduled to separate all electric, steam furnace (gas). Coin-oplaundry.

425 S Main Street is a 10,124 SF eight unit multifamily propertyconsisting of a studio, 5 one bedrooms & 2 two bedroom units.Landlord paid gas (steam) & tenant paid electric. Coin-op laundry.

2 Academy Ave is a 8,504 SF 10 unit multifamily property consistingon all one bedroom units. Tenant paid utilities except hot water.Coin-op laundry.

LLOCAOCATION DESCRIPTIONTION DESCRIPTION

Located an hour north of Boston, Haverhill is a quaint city along theMassachusetts-New Hampshire border. The Merrimack River dividesHaverhill into two sections, complementing the town’s abundance ofnatural beauty. The rivers and lakes in Haverhill offer opportunitiesfor swimming, fishing, boating, and even ice skating.

Along with several parks and lakes, Haverhill is filled with countryclubs and golf clubs. Ski Bradford located in the southern part oftown, offering a small hill for big-time winter fun. This cozy cityenjoys a variety of apartment and condo rentals, ranging from luxurylofts to charming, brick houses.

Downtown Haverhill is filled with unique shops, restaurants, andnightlife venues in beautiful historic buildings, nestled along theshores of the Merrimack River. When residents need to make a tripout of town for work or play, locals have easy access to theMassachusetts Bay Transportation Authority’s commuter rail.


PROPERTY DESCRIPTIONPROPERTY DESCRIPTION

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87 Webster Street 2 Academy Avenue

425 South Main Street 445 South Main Street


ADDITIONAL PHOADDITIONAL PHOTTOOSS

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Webster Laundry Webster Bathroom

Webster Kitchen Webster Living Room


ADDITIONAL PHOADDITIONAL PHOTTOOSS

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UNIT TYPEUNIT TYPE CCOUNTOUNT % T% TOOTTALAL AAVERAVERAGE RENTGE RENT LLOOWESWEST RENTT RENT HIGHESHIGHEST RENTT RENT MARKET RENTMARKET RENT

87 Webster - 2 Beds 6 17.6 $1,313 $1,175 $1,450 $1,450

425 S Main St - 1 Bed 5 14.7 $1,254 $1,150 $1,295 $1,300

425 S Main St - Studio 3 8.8 $1,030 $975 $1,065 $1,100

2 Academy Ave - 1 Bed 10 29.4 $1,154 $860 $1,295 $1,300

445 S Main St - 1 Bed 5 14.7 $1,149 $850 $1,300 $1,300

445 S Main St - Studio 5 14.7 $1,035 $735 $1,175 $1,175

Totals/Averages 34 100% $39,699 $43,875


UNIT MIX SUMMARUNIT MIX SUMMARYY

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AERIAL MAPAERIAL MAP

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INVESINVESTMENT OTMENT OVERVERVIEWVIEW AACTUCTUALAL PRO FORMAPRO FORMA

Price $5,000,000 $5,000,000

Price per Unit $147,058 $147,058

GRM 10.5 9.8

CAP Rate 6.6% 7.5%

Cash-on-Cash Return (yr 1) 9.18 % 12.87 %

Total Return (yr 1) $180,773 $226,945

Debt Coverage Ratio 1.53 1.75

OPERAOPERATING DTING DAATTAA AACTUCTUALAL PRO FORMAPRO FORMA

Gross Scheduled Income $476,400 $510,060

Other Income $10,800 $10,800

Total Scheduled Income $487,200 $520,860

Vacancy Cost $19,056 $21,060

Gross Income $468,144 $516,240

Operating Expenses $138,572 $140,496

Net Operating Income $329,572 $375,744

Pre-Tax Cash Flow $114,735 $160,907

FINANCING DFINANCING DAATTAA AACTUCTUALAL PRO FORMAPRO FORMA

Down Payment $1,250,000 $1,250,000

Loan Amount $3,750,000 $3,750,000

Debt Service $214,837 $214,837

Debt Service Monthly $17,903 $17,903

Principal Reduction (yr 1) $66,038 $66,038


FINANCIAL SUMMARFINANCIAL SUMMARYY

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INCINCOME SUMMAROME SUMMARYY AACTUCTUALAL PER UNITPER UNIT PRO FORMAPRO FORMA PER UNITPER UNIT

Gross Scheduled Income $476,400 $14,011 $526,500 $15,485

Vacancy/Collections Loss (4%) -$19,056 -$560 -$21,060 -$619

Laundry Income $10,800 $317 $10,800 $317

Gross Income $468,144 $13,768 $516,240 $15,183

EXPENSE SUMMAREXPENSE SUMMARYY AACTUCTUALAL PER UNITPER UNIT PRO FORMAPRO FORMA PER UNITPER UNIT

Management (4%) $18,725 $550 $20,649 $607

Real Estate Taxes $36,727 $1,080 $36,727 $1,080

Insurance $13,500 $397 $13,500 $397

Water and Sewer $8,000 $235 $8,000 $235

CAM Electric $7,180 $211 $7,180 $211

Gas/Oil $14,680 $431 $14,680 $431

Trash Removal $5,760 $169 $5,760 $169

Repairs and Maintenance $17,000 $500 $17,000 $500

Payroll and Contract $17,000 $500 $17,000 $500

Gross Expenses $138,572 $4,075 $140,496 $4,132

Net Operating Income $329,572 $9,693 $375,744 $11,051


INCINCOME & EXPENSESOME & EXPENSES

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Price: $5,000,000

Units: 34

Price/Unit: $147,059

Price / RSF: $139.02

Cap Rate: 6.59%

Market Cap Rate: 7.51%

GRM: 10.5

Market GRM: 9.8

INVESINVESTMENT SUMMARTMENT SUMMARYY

Loan Amount: $3,750,000

Interest Rate: 4.0%

DCR: 1.53

Term: 30 Years

Monthly Payment: $17,903

Down Payment: $1,250,000

FINANCING SUMMARFINANCING SUMMARYY

UNIT TYPEUNIT TYPE CCOUNTOUNT % T% TOOTTALAL RENTRENT MARKET RENTMARKET RENT

87 Webster-2 Beds 6 17.6 $1,313 $1,450

425 S Main St-1 Bed 5 14.7 $1,254 $1,300

425 S Main St-Studio 3 8.8 $1,030 $1,100

2 Academy Ave-1 Bed 10 29.4 $1,154 $1,300

445 S Main St-1 Bed 5 14.7 $1,149 $1,300

445 S Main St-Studio 5 14.7 $1,035 $1,175

Totals/Averages 34 100% $39,699 $43,875

INCINCOME SUMMAROME SUMMARYY AACTUCTUALAL

Gross Scheduled Income $476,400

Vacancy/Collections Loss (4%) -$19,056

Laundry Income $10,800

Gross Income $468,144

EXPENSE SUMMAREXPENSE SUMMARYY AACTUCTUALAL

Management (4%) $18,725

Real Estate Taxes $36,727

Insurance $13,500

Water and Sewer $8,000

CAM Electric $7,180

Gas/Oil $14,680

Trash Removal $5,760

Repairs and Maintenance $17,000

Payroll and Contract $17,000

Gross Expenses $138,572

Net Operating Income $329,572

Pre-Tax Cash Flow $329,572


PRO FORMA SUMMARPRO FORMA SUMMARYY

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Subject PrSubject Propertyoperty

Multiple Addresses | Haverhill, MA 01830 and 01835

$5,000,000Sale Price: 34Unit Count:$147,059Price / Unit: 35,967 SFRentable SF:$139.02Price PSF:

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110 Riv110 River Ser Stt110 River St | Haverhill, MA 01832

$880,000Sale Price: 08/13/2019Sale Date:6Unit Count: $146,666Price / Unit:5,672 SFRentable SF: $155.15Price PSF:

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29 4th A29 4th Avvee29 4th Ave | Haverhill, MA 01830


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33

109-109-111 High S111 High Stt109-111 High St | Haverhill, MA 01832


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SSALE CALE COMPSOMPS


PROFESPROFESSIONAL BIOSIONAL BIO

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HAVERHILL MULTIFAMILY PORTFOLIO - LoopNet€¦ · • 34 Unit Multifamily Portfolio • Primarily...

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